Global Companion Animal Health Market to Reach US$ 50.5 Billion by 2032, Propelled by Increasing Domestication of Livestock and Pet Animals

February 16, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Companion Animal Health Market Report by Animal Type (Dogs, Cats, Equine, and Others), Product (Vaccines, Pharmaceuticals, Feed Additives, Diagnostics, and Others), End User (Point-of-care Testing/In-house Testing, Veterinary Hospitals and Clinics, and Others), and Region 2024-2032,” the global companion animal health market size reached US$ 25.4 Billion in 2023. Companion animal health represents a range of diagnostics, treatments, vaccinations, and nutritional products explicitly designed to monitor the health and promote the growth of several domesticated animals. It includes antimicrobial agents, vaccines, nutritional dietary supplements, monoclonal antibody therapies, genomic tests, anti-infectants, parasiticides, and anti-neoplastic medication as standard commodities. Such products eliminate the transmission risk of various zoonotic diseases, improve the immune system, and provide them with the required nutrients that are beneficial for their health. Based on these properties, companion animal health forms an important part of the veterinary industry for preventing the spread of diseases, promoting animal health and welfare, and maintaining public health.

Global Companion Animal Health Market Trends:

The rising humanization and domestication of various livestock and pets and the increasing need for effective veterinary medications, animal feed additives, and diagnostics techniques represents one of they prime factors driving the market growth. In line with this, the growing prevalence of various zoonotic disorders, including tumors, obesity, cardiovascular diseases (CVDs), diabetes mellitus, osteoarthritis, and renal diseases amongst companion animals, is acting as another growth-inducing factor. Furthermore, the increasing establishment of veterinary hospitals, the presence of specialized veterinary practitioners, and the implementation of better health reimbursement policies by governments are supporting the market growth. Additionally, significant advancements in health check-ups and diagnostics technologies, along with the extensive funding in the pharmaceutical sector to develop novel vaccines with enhanced efficacy and route of administration, are favoring the market growth. Moreover, the introduction of innovative therapeutic agents, food additives, vaccines, and monoclonal antibodies (mAbs) specifically designed for companion animals are propelling the market growth. This can be further attributed to the easy availability of numerous pet animal healthcare accessories, such as oral chews, animal feeds, and growth promoters, across multiple distribution channels. Besides this, the widespread adoption of animal-assisted therapy, the ongoing product diversification by researchers, and the fueling consumer awareness regarding the accessibility of veterinary care products are positively impacting the market growth. Looking forward, the market value is projected to reach US$ 50.5 Billion by 2032, expanding at a CAGR of 7.7% during 2024-2032.

Market Summary:

On the basis of the animal type, the market is segregated into dogs, cats, equine, and others
Based on the product, the market is categorized into vaccines, pharmaceuticals, feed additives, diagnostics, and others.
On the basis of the end user, the market has been divided into point-of-care testing/in-house testing, veterinary hospitals and clinics, and others.
On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being Agrolabo S.p.A., Boehringer Ingelheim, Ceva Santé Animale, Dechra Pharmaceuticals PLC, Elanco Animal Health Incorporated, IDEXX Laboratories Inc., Indian Immunologicals Limited (National Dairy Development Board), Merck & Co. Inc., Norbrook Laboratories, Vetoquinol SA, Virbac and Zoetis Inc.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Animal Type, Product, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Agrolabo S.p.A., Boehringer Ingelheim, Ceva Santé Animale, Dechra Pharmaceuticals PLC, Elanco Animal Health Incorporated, IDEXX Laboratories Inc., Indian Immunologicals Limited (National Dairy Development Board), Merck & Co. Inc., Norbrook Laboratories, Vetoquinol SA, Virbac and Zoetis Inc.
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Global Companion Animal Health Market to Reach US$ 50.5 Billion by 2032, Propelled by Increasing Domestication of Livestock and Pet Animals

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